The $749 million pension fund's board approved the changes to the agreement with Marquette at its March 27 meeting. No RFP was issued.

The pension fund changed to an OCIO model for Marquette in part to reduce time between decisions on hiring and terminating managers. Marquette has a discretionary committee that oversees the investment management of its clients, and "immediate changes to the portfolio by the discretionary committee is not expected," according to the minutes.